Oceaneering International Correlations

OII Stock

USD 22.01 0.14 0.63%

The current 90-days correlation between Oceaneering International and Enerflex is 0.44 (i.e., Very weak diversification). The correlation of Oceaneering International is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Oceaneering International Correlation With Market

Very weak diversification

The correlation between Oceaneering International and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oceaneering International and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Oceaneering International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more detail on how to invest in Oceaneering Stock please use our How to Invest in Oceaneering International guide.

Moving together with Oceaneering Stock

0.65	VTOL	Bristow Group	Pair Corr
0.97	EFXT	Enerflex	Pair Corr
0.93	WFRD	Weatherford International	Pair Corr
0.94	WTTR	Select Energy Services	Pair Corr
0.91	CLB	Core Laboratories	Pair Corr
0.77	DTI	Drilling Tools Inter	Pair Corr
0.84	FTI	TechnipFMC PLC	Pair Corr
0.7	GRO	Brazil Potash Corp Downward Rally	Pair Corr
0.82	HAL	Halliburton Aggressive Push	Pair Corr
0.66	HLX	Helix Energy Solutions	Pair Corr
0.71	KGS	Kodiak Gas Services,	Pair Corr
0.77	MRC	MRC Global	Pair Corr
0.88	NGS	Natural Gas Services Earnings Call This Week	Pair Corr
0.91	NOA	North American Const	Pair Corr
0.83	XPRO	Expro Group Holdings	Pair Corr
0.83	RES	RPC Inc	Pair Corr
0.96	TDW	Tidewater	Pair Corr
0.65	TTI	Tetra Technologies	Pair Corr
0.85	VAL	Valaris	Pair Corr
0.91	WHD	Cactus Inc	Pair Corr
0.9	GEOS	Geospace Technologies	Pair Corr
0.69	KLXE	KLX Energy Services	Pair Corr
0.88	LBRT	Liberty Oilfield Services	Pair Corr
0.74	NESR	National Energy Services	Pair Corr

Moving against Oceaneering Stock

0.59	AM	Antero Midstream Partners	Pair Corr
0.54	INVX	Innovex International, Symbol Change	Pair Corr
0.54	E	Eni SpA ADR	Pair Corr
0.53	EC	Ecopetrol SA ADR	Pair Corr
0.42	BP	BP PLC ADR	Pair Corr

Related Correlations Analysis

	NGS	EFXT	DNOW	VTOL	HLX	OII	RES	GEOS	OIS	MRC
NGS		0.88	-0.23	0.82	0.4	0.88	0.86	0.76	0.49	0.77	NGS
EFXT	0.88		-0.53	0.6	0.64	0.97	0.84	0.93	0.3	0.79	EFXT
DNOW	-0.23	-0.53		0.05	-0.64	-0.47	-0.24	-0.61	0.26	-0.21	DNOW
VTOL	0.82	0.6	0.05		0.21	0.65	0.67	0.47	0.56	0.49	VTOL
HLX	0.4	0.64	-0.64	0.21		0.66	0.37	0.73	0.13	0.29	HLX
OII	0.88	0.97	-0.47	0.65	0.66		0.83	0.9	0.38	0.77	OII
RES	0.86	0.84	-0.24	0.67	0.37	0.83		0.68	0.63	0.88	RES
GEOS	0.76	0.93	-0.61	0.47	0.73	0.9	0.68		0.08	0.64	GEOS
OIS	0.49	0.3	0.26	0.56	0.13	0.38	0.63	0.08		0.52	OIS
MRC	0.77	0.79	-0.21	0.49	0.29	0.77	0.88	0.64	0.52		MRC
	NGS	EFXT	DNOW	VTOL	HLX	OII	RES	GEOS	OIS	MRC

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

OII	+ 0.97	EFXT
GEOS	+ 0.93	EFXT
GEOS	+ 0.9	OII
EFXT	+ 0.88	NGS
OII	+ 0.88	NGS
MRC	+ 0.88	RES

High negative correlations

HLX	- 0.64	DNOW
GEOS	- 0.61	DNOW
DNOW	- 0.53	EFXT
OII	- 0.47	DNOW
RES	- 0.24	DNOW
DNOW	- 0.23	NGS

Risk-Adjusted Indicators

There is a big difference between Oceaneering Stock performing well and Oceaneering International Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Oceaneering International's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NGS	2.32	(0.14)	0.00	(0.10)	0.00	0.00	4.37	(5.78)	14.88
EFXT	1.87	(0.27)	0.00	(0.27)	0.00	0.00	3.64	(4.67)	11.43
DNOW	2.00	0.35	0.16	0.27	1.93	(2.28)	3.81	(3.44)	25.53
VTOL	1.55	(0.08)	0.00	(0.08)	0.00	0.00	2.92	(3.16)	16.97
HLX	1.79	(0.07)	0.00	(0.31)	0.00	0.00	4.32	(3.49)	17.09
OII	1.89	(0.20)	0.00	(0.15)	0.00	0.00	3.02	(4.06)	10.81
RES	1.70	(0.07)	0.00	(0.12)	0.00	0.00	3.22	(3.92)	9.81
GEOS	1.91	(0.44)	0.00	(0.35)	0.00	0.00	2.04	(4.08)	19.90
OIS	2.15	0.15	0.04	25.98	3.08	(2.24)	4.32	(3.24)	17.27
MRC	1.96	(0.11)	0.00	(0.07)	0.00	0.00	3.22	(4.41)	12.66

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